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Accounting Career Tips >>
Accounting Jobs and Positions
Accounts Payable Job
Auditing Services - Internal
Bookkeeping Jobs
Cost Accounting Positions
Public Accountant
Tax Accounting
Tax Accounting Manager
Salary Information for Accounting Jobs >>
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Accounts Payable Job
Accounts payable are defined as the transactions arising from a company purchasing goods or services on account. The goods and services are purchased based on a promise for future payment. This purchase on account creates a liability known as an account payable. An accounts payable is considered a current liability on the balance sheet and/or financial statements. It is considered a current liability due to its quickness in being converted into cash. An accounts payable normally has a credit balance.
Auditing Services - Internal
Internal auditing services consist of monitoring, detecting, preventing, and testing transactions of the company's policies and procedures. Internal auditing has management as the main beneficiary. Internal auditing certifies the effectiveness and efficiency of processes, departments, projects, or internal control. It also verifies the accuracy of company records while checking for wastage and fraud.
The internal auditor must be detail-oriented, knowledgeable about company policy and procedures, be a good communicator, deal with varying levels of management and outside auditors, and provide management with information about the effectiveness of their operating system. Many times the internal auditor has obtained the designation of Certified Internal Auditor. This professional designation is the highest level of achievement an internal auditor can achieve. It signifies a level of competence not every internal auditor obtains.
Career opportunities within the internal auditing field include SOX auditor, Staff Internal Auditor, Senior Internal Auditor, Risk Assessment Auditor, Manager of Internal Auditing, and Supervisor or Department Head) of Internal Auditing.
Internal auditing services include testing for proper recording of transactions, monitoring compliance with management's directives, and performing risk assessment. They also would include ascertaining compliance with SOX (Sarbanes-Oxley Act) of 2002, monitoring IT systems for effectiveness and efficiency, and performing operational audits.
Internal auditing services consist of complying with guidelines published by the Institute of Internal Auditors. Internal auditing services lack independence since the auditors are employees are the entity.
Bookkeeping Jobs
Entry level bookkeeping is a great way for high school students to learn about the accounting field. By obtaining a position working with figures and using analytics, many entry level bookkeepers find they enjoy it and want to pursue a career in the accounting field. In other words, entry level bookkeeping can be a great stepping stone for future accounting and finance majors. It also can be a great stepping stone for those wanting to ‘work their way up the ladder’ into an accounting corporate position.
Entry level bookkeeping offers a variety of positions for the applicant. Bookkeeping is responsible for the maintaining of the company books. The most basic of entry level bookkeeping positions is that of a clerk. Accounts Receivable and Accounts Payable Clerks are basically bookkeepers since they record (post) transactions to affected accounts. The same can be said of Payroll Clerks.
Assistant Bookkeepers provide assistance to the Bookkeeper as needed. This entry level position gives one insight into the bookkeeping field.
An entry level full charge bookkeeper would be a position obtained by someone who has bookkeeping experience, only not at the full charge level. A great stepping stone for a full charge bookkeeper would be working as an Accounts Receivable, Payable, and/or Payroll Bookkeeper (or clerk).
Entry level bookkeeping requires detail-oriented individuals with good communication skills, good keyboard skills, and an aptitude for figure work.
Cost Accounting Positions
Ranging from the Cost Accountant to the Cost Accounting Director, there are a variety of senior accountant positions involving in controlling, maintaining, and recording the costs of a firm. They all involve having good communication skills - oral and written. Plus, the position needs to have good keyboard and computer skills. The individual needs to be detail oriented and possess an analytical mind.
There is a Cost Reporting Analyst in some companies. This position is also called a Cost Accountant in other firms. They perform the same duties.
A Project Cost Accountant concentrates on specific job costing, not particularly cost accounting in general. Each project, construction in particular, needs to have proper accounting of costs in order to substantiate the project profit or loss. This position can be an entry level cost accounting position since it is so specialized.
Divisional Cost Accounting Manager. This position is usually found in the larger international or national firms. The position overseas and is responsible for the Division's cost accounting. This position usually requires 4+ years cost accounting experience.
Cost Accounting Manager supervises the Cost Accountant and other clerical cost accounting staff. This position usually requires 3-5 years accounting experience. Many times a CMA(Certified Management Accountant) is needed.
Cost Accounting Supervisor. This position oversees the Cost Accounting Manager and usually has about 4+ years of experience in the accounting field.
Public Accountant
Public accounting differs from the rest of the accounting profession due to the independence factor. Employees are not employed by any of the clientele businesses, but rather by the accounting firm. Due to recent accounting scandals, public accountants have been restricted as to performing non-audit services. Whenever a public accountant provides financial audit services to a firm, they are prohibited from providing other services to the same company.
The public accountant provides services ranging from financial audits, operational audits, risk assessment, to monitoring computer system effectiveness. The public accountant is independent of client businesses. Therefore, they can express an opinion on the client's effectiveness of following management directives. A public accountant works in public accounting, but lacks certification.
Tax Accounting
Tax accounting is defined as the field of accounting that considers the tax consequences and implications of every transaction upon the company's operations. Tax accounting records transactions in compliance with current IRS, local and state tax laws.
Tax accounting includes preparing, amending, and filing corporate and required tax returns on federal, state, and local levels. It involves a variety of fields such as sales & use, payroll, income, franchise, royalties, etc.
Tax accountants or tax accounting consultants must stay current with the federal, state, and local tax issues that affect the company. They must understand the legal ramifications of company transactions.
Tax accounting is considered upper level accounting since one must first have a firm understanding of the basic accounting functions.
Tax Accounting Manager
To become a tax accounting manager and work in the tax consultant field, there are a variety of items that can be done along your path to success. They are:
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Get a solid foundation and education in the accounting field. Once this education is obtained, start working in a position that involves taxes and offers career advancement. Ideally, you’ll want to work in a company that has positions available for tax accounting managers. The best recommendation would be to work in public accounting. This way potential tax consultants would be exposed to a variety of industries, each having their own idiosyncrasies. These differences lead to insight and knowledge. By preparing taxes for a variety of clients, one obtains a wider experience base.
- Keep current, or learn, the current tax laws regarding the area you are interested in. Analyze financial information and read the tax laws that apply to a particular account. Talk with current tax consultants and tax accounting managers about your interest. Experienced individuals usually like to talk about their craft with anyone who is interested.
- Read trade journals and books on tax consulting. You can never have too much knowledge. Get online and read all you can about tax consulting. Find out what it takes, what skills, personality traits, and knowledge base lead to success. Join forum groups, and other networking groups. Many career sites have chat rooms. Find one and participate, if desired.
These are just a few ideas to start you on your path to becoming a tax manager or tax consultant. The tax-consulting field is a great field to become a part of. Persevere, work, and reap the benefits. Good luck!
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